Concord additionally halted all Horizon bridge exercise following the hack. Its native ONE token has dipped, and as of this writing was buying and selling for $0.02445—8.5% decrease than earlier than the hack was found on Friday.
Concord is a layer-1 proof-of-stake blockchain. Its Horizon bridge is a cross-chain bridge, which means it permits customers to ship property from one blockchain to a different. Horizon customers can transfer property between Concord’s community and Ethereum, Binance Chain, and Bitcoin.
Hackers just lately have been concentrating on cross-chain bridges. Qubit Finance’s bridge was hacked for $80 million again in January, thieves stole $320 million from the Wormhole bridge a month later, and hackers drained $622 million in Ethereum and USDC from Axie Infinity’s Ronin bridge in March.
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